Suffering from the pain of employee turnover? You're not alone. Compensation Force found that roughly 9 - 30 percent of employees turnover, depending on the industry.
In fact, since 2011 U.S. employee turnover rates have been climbing, nearing the highest measured rates in 2008. And since the estimated cost of losing an employee ranges from 16 to 213 percent of the employee's salary, high turnover is a BIG deal. Uncover the top 5 causes of employee turnover to mitigate your risk moving forward with the right employee retention strategies.
Don't let preventable turnover wreak havoc on your culture and bottom line. Uncover the top five causes of employee turnover, three retention strategies for combating them, and expert advice on how to create an engaging culture that retains employees in this SlideShare!
While it’s inevitable you’ll lose employees, turnover is actually predictable. Our recent research has discovered the key causes of employee turnover:
Of the employees who exited their organization, 68% enjoyed the work they were doing, 64% were unhappy with their jobs, 61% found their jobs interesting and challenging, and 59% said their job allowed them to utilize their strengths.
Of the employees who exited their organization, 44% believed their organization made investments in their future, 56% said they felt their opinions counted at work, and 66% believed they had organizational support.
Of the employees who exited their organization, 44% believed their team effectively collaborated and leveraged individual strengths and 56% said they liked working for their immediate supervisor. Of the employees who remained at their organization, 66% said they enjoyed working for their immediate supervisor.
Of the employees who exited their organization, 45% said they knew how they fit into the organization's future plans and 49% said their current job was in alignment with their career goals. Of the employees who remained at their organization, 67% said their current job was in alignment with their career goals.
Of the employees who exited their organization, 47% said it would take a lot to get them to leave their organization and 65% said they wanted to be working at their organization one year from today. Of the employees who remained at their organization, 81% said they wanted to be working at their organization one year from today.
Engaged employees are 6X more likely to believe their organization is committed to lowering turnover and 6.5X more likely to believe their organization is committed to understanding why employees leave.
Employee engagement data can help you identify areas at high-risk for turnover before it’s too late. By analyzing year-over-year engagement trends, administering targeted pulse surveys, and slicing results by demographics, you can identify high-risk areas that need improvement before they become a reason employees leave.
95% of employees believe they can help leaders understand why people choose to leave their organization. 87% of employees believe collecting feedback from an exiting employee will help make a difference for remaining employees.
Want to dive into the full research on the causes of employee turnover? Download our ebook below!